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PRESS STATEMENT SIGNED BY H.E ATIKU ABUBAKAR

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Atiku Abubakar
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Tinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan

In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.

The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.

The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.

According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.

The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.

What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.

It is on this note that we are calling on the Federal Government to speak up on this shady deal.

It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.

That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.

There are questions to be answered on the integrity of this deal, and we earnestly request the Federal Government to talk directly on these cloudy details behind the deal.

We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions.

1. Has the Federal Government accessed the loan?
2. Is the loan in the government’s borrowing plan as approved by the National Assembly?
3. Who are the parties to the loan, and what specific roles are they expected to play?
4. What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?
5. And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?

Signed
Atiku Abubakar
Vice President of Nigeria, 1999-2007.

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Politics

NONSONKWA CRIES OUT FOR JUSTICE…

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10 hours ago

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November 12, 2024

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NONSONKWA CRIES OUT FOR JUSTICE...
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Ekwutosblog gathered that his case came up at the magistrate court 1 Owerri Imo State today, but the court did not sit!! The chief clerk of the Court, Mr Lucky told the lawyers that the magistrate went for a seminar in Abuja, hence the unavoidable absence. The matter was adjourned till 19th November 2024, for report of the D.P.P.

Meanwhile, the DPP did not file any information or charge against Theodore Chinonso Uba even till today!!!

When interviewed, one of his legal team Barr Charles Mgbekonye, told Press the that the matter had been adjourned to 19th November. 2024,

Regards to his bail application, Barr Charles Mgbekonye said his bail application is coming up on 20th November, 2024 at the high court Owerri and the application for baill is before his Lordship, Justice Innodimo and he believes that justice will be served as the judiciary is still the last hope of the common man.

Theodore Chinonso Uba Nonsonkwa thanks ndi Imo for the way thousands of people both mothers, fathers, youths , children all came out today 12th November 2024 and showed him love and solidarity…

He also urged Ndi Imo to pray for him as he hopes that on 20th November, when the high court will hear his bail application, God will manifest and justice will be served.

He is also appealing to his supporters, fans, friends, family, wellwishers, ndi Imo and umu igbo at large to also come and show him love and support on that 20th November, 2024…

Once again, a very big thank you to everyone that showed up today despite their busy schedules…
May chukwuokike abiama bless you all!!!!
Kindly follow #StateofImo for verified News and Current Affairs in addition to insightful contents that inform, inspire, educate and entertain you always.

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Obaseki out as Okpebholo is sworn-in as governor of Edo state

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15 hours ago

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November 12, 2024

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Obaseki out as Okpebholo is sworn-in as governor of Edo state
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Senator Monday Okpebholo has been sworn in as the sixth civilian governor of Edo State since the creation of the state on August 27, 1991. The swearing-in ceremony took place on Tuesday, November 12, at the Samuel Ogbemudia Stadium in Benin City, the state capital, two months after the All Progressives Congress (APC) clinched the ticket to the Dennis Osadebay House in a keenly contested election.

Okpebholo took his oath of office alongside his running mate Dennis Idahosa.

Present at the swearing-in ceremony were VP Kashim Shettima, Deputy Senate President, Barau Jibrin, Deputy Speaker House of Representatives Benjamin Kalu, Governor Hope Uzodinma, Governor Dapo Abiodun, APC National Chairman Abdullahi Ganduje and others.

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“No Valid Reason For Sacking Me As Minister”– Gwarzo Reveals What Tinubu Told Him

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15 hours ago

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November 12, 2024

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“No Valid Reason For Sacking Me As Minister”– Gwarzo Reveals What Tinubu Told Him
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Ekwutosblog has gathered that the immediate former Minister of State for Housing and Urban Development, Abdullahi Gwarzo, has revealed that his dismissal by President Bola Tinubu was politically motivated rather than due to any shortcomings in his ministerial performance.

The former minister added that the President should have chosen the 2023 All Progressives Congress governorship candidate in Kano State, Nasiru Gawuna, as his replacement.

This follows the appointment of Yusuf Ata as the new minister.

In a State House release on October 23, 2024, Tinubu dismissed Gwarzo along with four others, including the Minister of Women Affairs, Uju-Ken Ohanenye; Minister of Tourism, Lola Ade-John; Minister of Education, Prof. Tahir Mamman; and the Minister of Youth Development, Dr Jamila Bio Ibrahim.

However, in an interview with BBC Hausa on Saturday, November 9, 2024, Gwarzo stated, “I was surprised because I wasn’t found guilty of any wrongdoing or poor performance. And I was minister of state, with the senior minister overseeing a large portion of the ministry’s activities.

“Before the announcement, the President had informed me of his decision.

“He said Kano North was overloaded with political officers, hence the need to strike a balance. We gave our advice, but it was ignored. From there, I began to suspect that certain individuals were behind this because, to me, that wasn’t a valid reason.”

The former minister remarked that Gawuna, as the party’s leader in Kano Central, should be considered for the ministerial position.

“If the ministerial slot is indeed meant for Kano Central, we have our 2023 governorship candidate, who is also our leader in Kano Central. Why not consider giving him the position?

“Gawuna should be offered the role first, unless he declines, in which case it could be given to someone else.

“All other candidates from Plateau and Zamfara states who contested for the governorships were appointed to positions,” Gwarzo added.

#ekwutosblog

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